There are portable drill presses which have an electromagnetic base which, when energized, will hold the base securely to ferromagnetic material. A motorized head unit can be fed relative to the base to advance a drill or a hole cutter into the material, usually the same material as that on which the drill press is mounted.
Electromagnetic drill presses must have safety interlocks to avoid operation in the event there is inadequate or no electromagnetic force holding the press to the iron. Furthermore, since any electromagnetic arrangement is subject to loss of attractive force on power failure, the drill press should be restrained against falling, particularly when mounted on a vertical or overhead surface, thus protecting both the tool and the operator if there should be a power failure (and a power failure can be caused by a co-worker kicking the power cord and pulling it out of the wall).
Another problem encountered with the drill press is that it requires a considerable vertical height and, due to the nature of the electromagnetic base, it requires a fairly substantial amount of iron to develop an adequate holding force. Thus, it is not particularly useful on metal cabinets, duct work and the like where the steel is relatively thin.